Superannuation fund consolidation continues
Consolidation is continuing to impact the broader superannuation industry, according to data contained in the Association of Superannuation Funds of Australia (ASFA) submission to the Productivity Commission.
The ASFA submission said that during calendar 2011 the number of funds with more than $50 million in assets had fallen from 255 to 232, with most of the drop occurring before 30 June when capital gains tax rollover relief expired.
It said around half of the reduction was in retail funds and the rest was split between corporate and industry funds, with around five departures in each.
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